BUSINESS A nation of entrepreneurs?

CAN-DO SPIRIT Clockwise from top left: Bill Cullen, Darina Allen, Harry Crosbie, Louise Kennedy, Terry Prone, Sean Gallagher, Nicola Byrne, and Michael O’Leary.

A nation of entrepreneurs?


Money matters
Brid Conroy

On a weekend visit to my parents, I normally get the privilege of watching the Late Late Show with them on a Friday night. This last week we discussed the merits of Martin Sheen, son of a Tipperary woman, a great film star, an entrepreneur and a hell of a nice guy.
What made him, and perhaps his parents before him, thrive in America? Were they simply born with success in their blood? Or was it the hard work of those first emigrants and their desire to be successful? Do we as a nation have that entrepreneurial spirit in our veins?
Many studies have been done on whether entrepreneurialism is innately in our nature or whether it is nurtured (a consequence of our experiences and environment). The general consensus, surprisingly, is nurture.
Many entrepreneurs attribute their success to failing and having to work harder. Surely as a nation, we are at this crossroads. Our economy has failed and now we definitely are working harder. The Government is nudging and nurturing us into being creative and looking on the bright side. Last month it issued its Action Plan for Jobs for 2012. The plan outlines some measures the Government plans to introduce this year – a Credit Guarantee Scheme where the government will guarantee loans taken out to set up or improve an existing business; a Micro Finance Start-up Fund; a Diaspora finders fee; a new Development Capital Scheme; and a Fund for International Start-Ups.
The Government knows entrepreneurs are a ‘natural resource’, and that the future competitive strength of Ireland depends on our ability to foster a culture of ideas and innovation. We all have a role to play in turning our economy around. I urge you all to think seriously about how you want Ireland to be in the future and how you can play your part.
If you are already in business there are many ways to help it thrive despite the economic downturn:

• Swim upstream. Is everyone in your industry doing the same thing? Maybe there is an untapped need others are missing. Remember the supermarket chain that opened up a special checkout lane stocking only healthy snacks? Health-conscious mums just loved it.
• Face your fear of change. As consumers we crave exciting new ideas but as business owners, we often prefer to keep the status quo. However, change and evolve, or be left behind.
• Find out what your customers are after. Ask them. Do a focus group, an online poll or an old-fashioned questionnaire. We all want to be listened to, and it’s much easier to retain an existing client than win a new one.
• Add unusual services. Think of something that is totally whacky and experiment with it.
• Get behind your idea. Be motivated, enthusiastic and promote it with all you’ve got.

If you’re thinking about striking out on your own, get some support. There are lots of good courses out there for people who want to start their own businesses. For example, Mayo County Enterprise Board is running what looks to be a really great one-day workshop called ‘Self-Employment as an Option’. The course looks at your personality and skills set, as well as your approach to starting in business, planning ahead and funding.
Whatever you do, don’t do nothing. Take inspiration from the nation’s entrepreneurs, and go for it.

BRID CONROY FCCA is a Chartered Certified Accountant with a practice in Louisburgh.
She works on improving personal finances and the profitability of small and medium-sized businesses. To contact Brid, call 098 66870 or theoldschool@iolfree.ie.